Abstract [en]

A general and well known problem on the financial market today is the lack of capital for new ventures. Knowledge on how to overcome the financial gap and deliver proper financial solutions for such firms is also scarce. This paper focuses on the perceived importance of early-stage financing to the entrepreneur. The data used emanate from a survey of 165 knowledge-intensive ventures, located in the areas around six universities in Sweden. The study shows that an ambition to grow in general, and on the international market in particular, and a business concept not exclusively offering services and localization in a business incubator are the main attributes that explain differences in perception of external actors as sources of financing. The authors found that it was important to use a holistic approach when studying ventures, taking into account a broad set of variables dealing with venture characteristics, the entrepreneur and external relations.